Sharing his views on X (formerly Twitter), Woo explained that Bitcoin’s fundamentals are building a solid bullish case. He pointed to a rise in total and speculative capital entering the network, suggesting that investor confidence is growing.
Woo also noted that Bitcoin’s liquidity is improving. His Risk Model, which measures liquidity trends, shows a steady downtrend. This means future price drops could be smaller and less damaging, reducing chances of sharp sell-offs.
According to Woo, Bitcoin has already reclaimed medium-term targets at $90,000 and $93,000. A new target of $103,000 has also formed, and Woo believes Bitcoin could push toward $108,000 soon.
However, Woo warned that short-term risks remain. Bitcoin’s price is currently far above its on-chain Volume Weighted Average Price (VWAP), sitting at +3 standard deviations. This usually signals that an asset is overextended, meaning fast rallies are less likely in the near term.
Instead, Woo expects Bitcoin to move sideways or rise gradually.
Meanwhile, there are three major signals boosting Bitcoin’s recovery hopes. These include Bitcoin’s renewed inverse relationship with the falling US Dollar Index (DXY), a decoupling from the NASDAQ, and strong accumulation by long-term investors.
Bitcoin’s value has risen 7.7% over the past week. At the time of writing, it trades at $94,125, marking a slight daily dip of 0.07%.
